Success of Chinese-born Canadian swimmer makes waves
A gold-medal winning Canadian swimmer has made waves in China for her Chinese heritage, sparking heated discussions over the country's decades-long one-child policy and gender discrimination.
Nectar Gan is a digital producer for CNN International in Hong Kong. She writes about the Asia-Pacific region, with a focus on China. Steve George is a Senior Editor for CNN International in Hong Kong. He oversees coverage from across the Asia-Pacific region, with a special focus on China. Memorial blocked An attempt to block a makeshift memorial outside of the subway station where 14 passengers died during flash flooding in Zhengzhou has caused outrage online, with people accusing the authorities of trying to downplay the disaster.
--By CNN Staff Chinese tech stocks are still struggling to recover from a pummeling on Monday and Tuesday that came as investors reacted to Beijing's widening crackdown on private enterprise.
In its worst two days on record, Meituan shed more than $62 billion off its market cap after regulators issued guidelines Monday calling for improved standards for food delivery workers. Meituan runs one of China's biggest food delivery platforms, with hundreds of millions of users making transactions on its app annually.
Earlier this year, China launched an antitrust probe into Meituan, with authorities looking into its "exclusive dealing agreements."
Tencent also recorded its worst day in about a decade on Tuesday, erasing more than $100 billion from its market value. The losses came after it was hit by a regulatory order over the weekend to scrap its plan to acquire another music streaming player, China Music Corporation.
Altogether, three of China's most valuable companies — Tencent, Meituan and Alibaba — lost more than $237 billion through the first two days of trading this week. That's not even accounting for the roiled stocks of Chinese tutoring firms, which took a hit after officials announced a clampdown on the country's fast-growing education sector.
The sell-off in Hong Kong will go down as one of the biggest in history, according to Bespoke Investment Group.
"Since the end of the financial crisis, there hasn't been a single two-day decline in the Hang Seng that has exceeded the magnitude of the last two days," the firm wrote in a note to clients Tuesday, referring to the broader Hang Seng Index, the city's benchmark.
Still, there could be "potential for a short-term bounce" as investors "look for opportunity in the weakness," it added.
-- Michelle Toh Around Asia
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